Recently the media has drawn substantial attention to the Facebook and Cambridge Analytica scandal which has seen several weeks of press coverage and sparked debate yet again about where our data is stored and how it is used without our knowledge.

It’s no secret that the internet isn’t always a safe place and how we use it use it to store and share personal information can often be intercepted and accessed by unwanted hackers. So, does the future offer a safer method to technology users and if so what is it?

Well yes it does! Referred to as the 2nd generation of the internet, Blockchain is set to revolutionise how technology companies and users will develop and use the internet across the world.

The Blockchain network is now being trialled by companies such as Amazon, Facebook and Google as a new storage solution because of its positive operational resilience to immediately detect tampering, provide data encryption, transparency and immutability.

Still a fairly new concept, the Blockchain network is built up by a series of technology blocks which are added to a chain, hence the name ‘Blockchain’. Blockchain network gives everyone a voice as there is no single manager of the information. It is built on a community of ‘Minors’ who as a collaboration can administer and determine what are healthy blocks and what are not.

The future developments of the blockchain network

How the Blockchain network will be used by SME’s is still unknown. The possibility of using it to store account and customer information, administer financial accounts and payroll are just some of the business processes that could benefit in the future. Devising how this will be applied will be the next stage in bringing Blockchain network technology into the mainstream for everyday business use.

Are you operating a technology company who is looking for insurance protection for the services your offer to other business customers? Here at Crendon Insurance we support technology companies on many levels from cyber security and data protection through to cloud storage and new technological innovations. For more information on a technology insurance policy to suit your business, please contact us.

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